MAYOR BLOOMBERG AND GOVERNOR PATAKI ANNOUNCE DEVELOPER FOR MOYNIHAN STATION

Dynamic Step For Development of the West Side; New Flagship Intermodal Gateway for the City

Mayor Michael R. Bloomberg and Governor George E. Pataki today announced the selection of a developer to move forward with conversion of the Farley Post Office into the new Moynihan Train Station. This selection is a significant step in opening the West Side to further development. The Related Companies and Vornado Realty Trust have won the competition to create a new intermodal transportation facility for the City. The architect for the project is James Carpenter Design Associates in collaboration with Hellmuth, Obata + Kassabaum in New York. The plan also calls for a new residential building using some of the air rights that go with the Farley Building at One Penn West across Eighth Avenue from Moynihan Station. Joining the Mayor and the Governor were Empire State Development Chairman Charles E. Gargano, New York City Economic Development Corporation President Andrew M. Alper, Related CEO Stephen M. Ross and Vornado CEO Steven Roth.

"This new station fulfills Senator Moynihan's dream to build a world-class, 21st century transportation hub on the West Side," said Mayor Bloomberg. "Moynihan Station will also serve as a gateway to the vibrant new neighborhoods that we are building over the Far West Side. And Moynihan Station will be more than just a train station - it will be a world class destination and one of the finest public buildings in a City famous for its public spaces."

"This is a tremendous step forward in the Moynihan Station project and in the redevelopment of the West Side," Governor Pataki said. "This project will provide as many as 10,000 temporary jobs and more than 3,300 permanent jobs, and when complete, give visitors and commuters a new and dynamic intermodal gateway, while preserving the beautiful façade of the historic Farley Building."

It is estimated that the construction of Moynihan Station, the commercial space and a residential tower will create more than 10,000 temporary construction jobs and more than 3,300 permanent jobs. The project also is expected to generate more than $50 million in annual tax revenue for the State and City when completed. Moynihan Station will cost $818 million to build and is being funded by the City, State, Federal Government, United States Postal Service, Vornado Realty Trust and The Related Companies.

The Moynihan Station project involves 300,000 square feet of space for the train station, 850,000 square feet for commercial space and up to one million square feet of air rights fro the residential housing across the street on Eighth Avenue. The Post Office will continue to occupy 250,000 square feet in the building.

With additional concourses and vertical circulation elements, the new station will reduce rail passenger crowding and congestion throughout the Penn Station complex. There also will be new taxi lanes on 31st and 33rd streets, along with improved truck loading docks for the Postal Service.

"With the new Moynihan Station we are going to give commuters a more modern, much expanded facility with increased access to the 11 boarding platforms that currently serve NJ Transit, Long Island Railroad and Amtrak passengers," said Empire State Development Chairman Charles A. Gargano. "We solicited proposals from top developers and we think this team has given us the best design and best plan for the use of the existing and potential space. Penn Station is now overcrowded and serves more than 500,000 daily commuters and passengers, making it the busiest passenger facility in the country."

"The new Moynihan Station represents a critical addition to New York City's transportation infrastructure and offers tremendous economic development opportunities," said Andrew Alper, president of the New York City Economic Development Corporation. "It will not only be a vast improvement for commuters, but it will be a key component of our plan to reclaim the Far West Side of Manhattan as a business and residential center."

Under the plan from the developers, Moynihan Station will include:

Wide variety of retail shops, restaurants and other food services, a boutique hotel, and a merchandise mart.

Cultural, entertainment and community events will be hosted in the spacious Intermodal Hall.

Thirty three new access routes, including elevators, escalators, and stairways, to the 11 boarding platforms serving Long Island Rail Road, NJ Transit, and Amtrak passengers.

New street entrances for all rail passengers will be provided on the west side of Eighth Avenue, on Ninth Avenue, and on 31st and 33rd Streets, mid-block between Eighth and Ninth Avenues.

Connecting corridors between Moynihan Station, Penn Station, and the Eighth Avenue Subway Station will be enlarged and provided with improved accessibility features.

Moynihan Station will be connected with Ninth Avenue and future West Side development by a street-level 32nd Street Concourse.

In January the City rezoned 60 blocks the far West Side to ensure that it becomes the home of vibrant new neighborhoods. The rezoning will allow for the expansion of Midtown's central business district towards the Hudson and for the construction of 14,000 new apartments, including 4,000 affordable units of housing and 20 acres of new parks. In 2006, the City and the MTA will break ground on an extension of the Number 7 line - the first addition to our subway system in 20 years. In addition, the Javits Convention Center will undergo a $1.4 billion expansion which will make the Center competitive with the rest of the country.